Posts Categorized: Divorce Finances

A High Net Worth Divorce in Illinois

The median household income for Illinois was between $50,000 and $59,999 in 2015, according to the U.S. Census Bureau. Yet, some couples will make considerably more than the median household income. If you and your spouse are a couple who accumulated a great deal of wealth, then you will be part of a high net worth divorce. This type of a divorce can be lengthy, complicated, and costly without the right legal advice. Issues Impacted by Your High Net Worth   If you and your spouse earn high inco...   Read more ...  

Comments (0) Permalink

In Divorce Timing Is Everything

Timing and Divorce On March 18, 2010, shortly after divorcing his wife of 16 years Kevin Halstead won $3.8 million in the lottery. Halstead, a London bus driver, told the Daily Mail: “We divorced three months ago and split up about 13 years ago but we stayed friends – we did not get a divorce back then for the sake of our Jessica.”   Since the Halstead’s divorce was final prior to Halstead’s windfall, here are some questions that may arise. The answers to these questions will dep...   Read more ...  

Comments (0) Permalink

Life Insurance and Divorce in Chicago

Life Insurance and Divorce Today Brent Novoselsky , Financial Planner in Chicago, gives us his personal thoughts on life insurance during and after divorce:   As a financial planner in Chicago, I often have clients that ask about what happens to life insurance when you’re about to divorce? How do you deal fairly with a soon to-be ex-spouse, yet still make sure you have coverage for the future? Is there a way to provide for adult children of a previous marriage without going broke, es...   Read more ...  

Comments (0) Permalink

Michael Craven Presenting at Divorce University

Michael-C-Craven-Speaking-at-The-Lilac-Tree As a Chicago Divorce Attorney, I am honored to, once again, be presenting at the Lilac Tree’s upcoming Divorce University on Sunday, April 21, 2013 at the Hilton Garden Inn in Evanston, Illinois.  My presentation will be from 2:00 p.m. – 3:00 p.m. and is  titled, Financial Panel – Know Your Finances.  I will also be available for questions during the Breakout – Financial Q & A session from 3:00 p.m. until 4:00 p.m.   The Lilac...   Read more ...  

Comments (0) Permalink

Joint Taxes Filed? Divorcing or Not…Are You Sure You Are “Innocent”?

Couples Filing Taxes Jointly Most Americans recently filed their income tax returns. Did you carefully look over the completed forms before you signed? If you plan to divorce this is especially important. When married couples file joint returns, the law holds both spouses liable for the taxes, interest and penalties – even when one spouse may not have been aware of the their spouse’s misreporting of income or expenses. In certain situations, the IRS provides an out for taxpayers. This i...   Read more ...  

Comments (0) Permalink

Paying for College when Parents are Divorced

Paying-For-Children’s-College-Expenses-When-Parents-Are-Divorced As the father of two children who have recently graduated college, I know first-hand how difficult the entire college admissions process is on the family. It is stressful for both parents and children.   However, speaking as a divorce attorney, I also know that when parents no longer live together, it compounds the stress levels. When discussing higher education with my clients, I frequently am asked, “How much should do ...   Read more ...  

Comments (0) Permalink
1 2 3